The Atlantic Cities, September 5, 2012: Charlotte’s Recession-Era Unraveling
In January 2008, Bank of America announced it was planning to purchase Countrywide Financial, a California-based firm that provided mortgages. Bank of America had previously stayed out of the home loan business. But Countrywide was on the ropes: It serviced $1.4 trillion in mortgages at the end of 2007, many of them subprime or loans with adjustable rates. When the housing bubble burst, Countrywide was doomed.
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